TCOM vs. MMYT

Last updated Apr 1, 2026

Compare and contrast key facts about Trip.com Group Limited (TCOM) and MakeMyTrip Limited (MMYT).

Performance

TCOM vs. MMYT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Trip.com Group Limited (TCOM) and MakeMyTrip Limited (MMYT). The values are adjusted to include any dividend payments, if applicable.

TCOM vs. MMYT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TCOM Trip.com Group Limited	-30.76%	5.24%	90.67%	4.68%	39.72%	-27.01%	0.57%	23.95%	-38.64%	10.25%
MMYT MakeMyTrip Limited	-54.59%	-26.86%	139.00%	70.40%	-0.51%	-6.16%	28.95%	-5.88%	-18.49%	34.46%

Fundamentals

Market Cap TCOM : $34.88B MMYT : $3.70B
EPS TCOM : $47.68 MMYT : $0.54
PE Ratio TCOM : 1.04 MMYT : 68.90
PEG Ratio TCOM : 0.01 MMYT : 0.25
PS Ratio TCOM : 0.56 MMYT : 3.76
Total Revenue (TTM) TCOM : $62.20B MMYT : $1.04B
Gross Profit (TTM) TCOM : $50.12B MMYT : $722.83M
EBITDA (TTM) TCOM : $34.17B MMYT : $187.83M

Returns By Period

In the year-to-date period, TCOM achieves a -30.76% return, which is significantly higher than MMYT's -54.59% return. Over the past 10 years, TCOM has underperformed MMYT with an annualized return of 1.10%, while MMYT has yielded a comparatively higher 7.56% annualized return.

TCOM

• 1D: 1.26%
• 1M: -5.38%
• YTD: -30.76%
• 6M: -33.79%
• 1Y: -21.69%
• 3Y*: 9.92%
• 5Y*: 4.50%
• 10Y*: 1.10%

MMYT

• 1D: 2.53%
• 1M: -33.96%
• YTD: -54.59%
• 6M: -60.16%
• 1Y: -61.95%
• 3Y*: 15.08%
• 5Y*: 3.06%
• 10Y*: 7.56%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

TCOM vs. MMYT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TCOM

TCOM Risk / Return Rank: 19
TCOM Sharpe Ratio Rank: 17
TCOM Sortino Ratio Rank: 18
TCOM Omega Ratio Rank: 18
TCOM Calmar Ratio Rank: 24
TCOM Martin Ratio Rank: 16

MMYT

MMYT Risk / Return Rank: 2
MMYT Sharpe Ratio Rank: 1
MMYT Sortino Ratio Rank: 2
MMYT Omega Ratio Rank: 2
MMYT Calmar Ratio Rank: 6
MMYT Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TCOM vs. MMYT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Trip.com Group Limited (TCOM) and MakeMyTrip Limited (MMYT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	TCOM	MMYT	Difference
Sharpe ratio Return per unit of total volatility	-0.56	-1.27	+0.71
Sortino ratio Return per unit of downside risk	-0.58	-2.10	+1.52
Omega ratio Gain probability vs. loss probability	0.92	0.73	+0.19
Calmar ratio Return relative to maximum drawdown	-0.53	-0.94	+0.41
Martin ratio Return relative to average drawdown	-1.32	-2.15	+0.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TCOM vs. MMYT - Sharpe Ratio Comparison

The current TCOM Sharpe Ratio is -0.56, which is higher than the MMYT Sharpe Ratio of -1.27. The chart below compares the historical Sharpe Ratios of TCOM and MMYT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TCOM	MMYT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.56	-1.27	+0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.06	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.02	0.14	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.04	+0.27

Correlation

The correlation between TCOM and MMYT is 0.31, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

TCOM vs. MMYT - Dividend Comparison

Neither TCOM nor MMYT has paid dividends to shareholders.

	TTM	2025
TCOM Trip.com Group Limited	0.00%	0.42%
MMYT MakeMyTrip Limited	0.00%	0.00%

Drawdowns

TCOM vs. MMYT - Drawdown Comparison

The maximum TCOM drawdown since its inception was -76.34%, roughly equal to the maximum MMYT drawdown of -73.45%. Use the drawdown chart below to compare losses from any high point for TCOM and MMYT.

Drawdown Indicators

	TCOM	MMYT	Difference
Max Drawdown Largest peak-to-trough decline	-76.34%	-73.45%	-2.89%
Max Drawdown (1Y) Largest decline over 1 year	-38.59%	-67.94%	+29.35%
Max Drawdown (5Y) Largest decline over 5 years	-59.98%	-69.87%	+9.89%
Max Drawdown (10Y) Largest decline over 10 years	-71.96%	-73.45%	+1.49%
Current Drawdown Current decline from peak	-36.94%	-69.04%	+32.10%
Average Drawdown Average peak-to-trough decline	-27.76%	-36.05%	+8.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.63%	29.83%	-14.20%

Volatility

TCOM vs. MMYT - Volatility Comparison

The current volatility for Trip.com Group Limited (TCOM) is 7.42%, while MakeMyTrip Limited (MMYT) has a volatility of 18.98%. This indicates that TCOM experiences smaller price fluctuations and is considered to be less risky than MMYT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCOM	MMYT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.42%	18.98%	-11.56%
Volatility (6M) Calculated over the trailing 6-month period	27.18%	36.47%	-9.29%
Volatility (1Y) Calculated over the trailing 1-year period	38.97%	49.26%	-10.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.41%	48.57%	+0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.41%	52.99%	-8.58%

Financials

TCOM vs. MMYT - Profitability Comparison

The chart below illustrates the profitability comparison between Trip.com Group Limited and MakeMyTrip Limited over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

TCOM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Trip.com Group Limited reported a gross profit of 11.99B and revenue of 15.19B. Therefore, the gross margin over that period was 79.0%.

MMYT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, MakeMyTrip Limited reported a gross profit of 167.69M and revenue of 295.69M. Therefore, the gross margin over that period was 56.7%.

TCOM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Trip.com Group Limited reported an operating income of 2.50B and revenue of 15.19B, resulting in an operating margin of 16.5%.

MMYT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, MakeMyTrip Limited reported an operating income of 40.89M and revenue of 295.69M, resulting in an operating margin of 13.8%.

TCOM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Trip.com Group Limited reported a net income of 4.22B and revenue of 15.19B, resulting in a net margin of 27.8%.

MMYT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, MakeMyTrip Limited reported a net income of 7.25M and revenue of 295.69M, resulting in a net margin of 2.5%.